Saab May Not Be Dead Yet: Spyker Submits 11th-Hour Bid That Removes Impasse With GM

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Spyker is staying true to its Latin motto (that’s written on all of its cars): “Nulla tenaci invia est via,” which translates to “for the tenacious no road is impassable.” After GM’s announcement on Friday to begin the wind-down of Saab, Spyker just renewed its offer for the Swedish brand that it thinks removes any last hurdles for the deal to go through.

Spyker CEO Victor R. Muller said that a proposal has been submitted to GM addressing the 11 issues that arose during the due diligence process and that the renewed offer would remove each of the obstacles standing in the way of a successful transaction.

We don’t know what each of those eleven issue are, but if a report in a Swedish paper is to be believed (translation), Nick Reilly (chief of GM Europe) cited intellectual property concerns related to Spyker’s Russian owner (30%), Alexander Antonov, as well as the desire of the GM board to be decisive on the matter of what will become of Saab. If you ask us, that second reason is no reason at all to close down a legendary global brand and put more than 4000 people out of work.

Spyker has set a deadline of 5pm Eastern time on Monday (December 21st, 2009) for GM to accept the offer (and walk away saving at least some face.)

On a related note, Spyker seems really excited to take ownership of Saab, citing benefits to both companies:

In Spyker’s view, the ownership of Saab by Spyker Cars would add a lot of value to both parties. For Spyker, Saab would bring a strong, global distribution network consisting of no less than 1100 dealers, state-of-the-art production facilities, a truly dedicated work force and solid engineering, sourcing and research & development capabilities. Likewise, Saab would receive the financial backing required to compete as a competitive global brand, along with an entrepreneurial leadership team sensitive to the uniqueness, heritage and individuality of the Saab brand. Throughout these negotiations, both Spyker and Saab leadership have proven that they share a mutual vision for just such a partnership.

Make sure you read Spyker’s press release after the jump, it’s well worth it!

Gallery: 2010 Saab 9-5

2010 Saab 9-5

PRESS RELEASE

SPYKER CARS RENEWS OFFER FOR SAAB THAT REMOVES LAST HURDLES

ZEEWOLDE, The Netherlands (20 December, 2009) -Following the announcement on Friday that the intended sales terms of Saab Automobile AB between Spyker and General Motors (GM) could not be finalized, the Spyker leadership has submitted a renewed offer in the hopes of securing a future for Saab, its employees and the brand, despite the announcement that the winding down of Saab would begin.

Spyker CEO Victor R. Muller said today that an 11-point proposal had been submitted to GM, addressing each of the issues that arose during the due diligence process and that the renewed offer would remove each of the obstacles that were standing in the way of a swift transaction.

“We have made every effort to resolve the issues that were preventing the conclusion of this matter and we have asked GM and all other involved parties to seriously consider this offer,” said Muller.

“We are very confident that our renewed offer will remove the impasse that was standing in the way of an agreement on Friday, and this would still allow us to conclude the deal prior to the expiry of the deadline originally set by GM of December 31st,” said Muller.

“Despite our collective eleventh hour set-back, we are returning to the table with a renewed offer, that addresses every known issue brought to light during the initial negotiations and that has the full backing of the Saab Management. The new offer eliminates the need for an EIB loan approval prior to year end, for example, which will allow the deal to be concluded within GM’s deadline. Our efforts are based on our passion for saving an iconic brand that we would be honoured to shepherd, and the jobs and livelihoods of thousands of loyal Saab employees, suppliers and dealers around the world. Some 1,500,000 Saabs are on the road today and their proud owners would no doubt welcome the survival of this phenomenal brand,” he added.

In Spyker’s view, the ownership of Saab by Spyker Cars would add a lot of value to both parties. For Spyker, Saab would bring a strong, global distribution network consisting of no less than 1100 dealers, state-of-the-art production facilities, a truly dedicated work force and solid engineering, sourcing and research & development capabilities. Likewise, Saab would receive the financial backing required to compete as a competitive global brand, along with an entrepreneurial leadership team sensitive to the uniqueness, heritage and individuality of the Saab brand. Throughout these negotiations, both Spyker and Saab leadership have proven that they share a mutual vision for just such a partnership.

“Our company motto is nulla tenaci invia est via – for the tenacious no road is impassable,” said Muller, “And we intend to remain true to that throughout these negotiations as we bid to secure Saabs future and revive the company.”

The renewed Spyker offer is valid until 5pm (Eastern Standard Time) on Monday December 21, 2009.

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2 Comments

I like where this is going. Would be definitely good for both parties. I like the look of that Saab in that picture, as I’ve never seen that one before and I like the sleek shapes of the Spyker exotics. I hope it goes through!

Yeapp, this is good news for sure. That’s the new 9-5 in the pic. I’ve added the gallery for what we have so far of the 9-5. It looks to be a great car and they have it ready to launch very soon. If Saab would’ve been killed, the new 9-5 would never make it to market, which would be a real shame.